Harry Kakavas

Harry Kakavas, a known problem gambler was once one of Australia’s top real estate agents. He made a fortune selling houses on the Gold Coast and was one of the biggest Australian gamblers. Kakavas lost in the region of 1.5 billion on the Baccarat Tables at Crown Casino in Melbourne, betting as much as $300 000 a hand.

His Downfall

His compulsion left him owing friends, lawyers and banks millions of dollars. His friends believed they were investing in his property ventures when, in actual fact, they were unknowingly feeding his gambling habit.

The Crown lured him away from Las Vegas by offering him free accommodation, food and drink as well as a free private jet to ferry him from his home on the Gold Coast. They even flew him to the Philippines and back for a free holiday. Further to this, the Crown Casino also gave him $50 000 in lucky money which was handed to him personally when he boarded the plane totalling over $10 million in treats to ensure this high rolling problem gambler kept going back.

Kakavas eventually lost everything and laid a multi-million damages claim against the Crown stating they knew he was a compulsive gambler and they exploited his weakness and acted unconscionably.

His case was subsequently thrown out by the Victorian Supreme Court sending a clear message to all Australian gambling addicts which was that Australian Courts would not give gamblers their money back.

In 1998 Kakavas spent four months in jail for defrauding Esanda Finance Corp of $2 860 000 and that same year he faced charges of armed robbery. However, due to insufficient evidence, the charges were dropped. The Esanda Fraud is a landmark in the Kakavas story as he claims to have committed this crime to feed his gambling habit.

Today you will find Harry Kasavas back on the Gold Coast selling properties focusing on Hedges Avenue working for Prestige Property Sales.